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XBRL Extensive Business Reporting Language
XBRL
Extensive Business Reporting Language
FOREWORD
� What is XBRL
� What are the benefits of XBRL
� How financial data is converted into XBRL
� What is legal framework in India
Financial statements are a medium to communicate
accounting information and performance of any business
to its various Stakeholders. Such information is required
to enable users of information to make informed
judgments and analyze financial information.
“XBRL is a common business language to facilitate uniform
presentation of financial data and easier, improved analysis.”
WHAT IS XBRL
XBRL stands for Extensible Business Reporting Language
• Language for electronic communication of business andfinancial data
• Global standard for exchanging business information• Global standard for exchanging business information
• XBRL allows information modeling and the expression ofsemantic meaning commonly required in business reporting
• XML-based specification that uses accepted financial reportingstandards and practices to exchange financial statements acrossall software and technologies, including the Internet.
XBRL TAXONOMY
• Taxonomies are dictionaries used by XBRL. They define the specific tags
for individual items of data
• XBRL Taxonomy is a classification system that can be considered as an
electronic dictionary for business and financial terms.
• Different taxonomies will be required for different financial reporting
purposes.purposes.
• ICAI has considered three broad reporting categories while building
taxonomy
• Commercial and Industrial
• Banking Companies
• Non-Banking Finance companies
• The current version of ICAI XBRL taxonomy is a general purpose
taxonomy, designed for Commercial and Industrial group (C&I)
BENEFITS OF XBRL
Major benefits at all stages of business
reporting and analysis
• Automated Data Processing• Automated Data Processing
• Regulated Financial Reporting
• Cost Savings
• Multi Language Compatibility
• Time Saving
• Data Analysis
LEGAL FRAMEWORK IN INDIA
Ministry of Company Affairs vide it Circular No. 37/2011 dated 7th June, 2011
made it mandatory on certain class of Companies to file financial statements
for the year 2010 – 11 and onwards by using XBRL taxonomy.
• All Companies Listed in India and their Indian subsidiaries;
• Companies having paid up capital of Rs. 5 Crores and above;• Companies having paid up capital of Rs. 5 Crores and above;
• Companies having Turnover of Rs 100 Crores and above
Exempted Class – Following categories exempted till further orders:
• Banking Companies
• Insurance Companies
• Power Companies
• Non Banking Financial Companies
CONVERSION PROCESS
Link each item in BS & P&L to a
standard item in Taxonomy
Use Software to create Instance
Document
Review & Verify Instance document
Download XBRL Validate Instance Pre-scrutiny of
Instance Download XBRL validation Tool
Validate Instance Document
Instance Document
Use in built viewerAttach Instance
Document to 23AC/23ACA
Upload Form
View Balance Sheet & Profit & Loss on MCA portal
WHAT DO WE OFFER
• We convert your existing financial statements in Excel
format and statutory reports in Word/ Excel/ PDF
format into XBRL format.
• Our service offering include :• Our service offering include :
• XBRL conversion for Indian Taxonomies
• XBRL Assurance Services
• Filing of e forms with MCA containing annual
records as per revised requirements
DELIVERY
Service ModelClient provides data to us in excel / word format
We creates XBRL instance document
We validates the XBRL document
We sends XBRL document to client for final review
On behalf of client, we fills up and uploads annual records on MCA portal after client approval**
** Subject to scope of work agreed with client
MOCK TAGGING PROCESS
ABOUT US
Pratham Experts Services (OPC)
Private Limited is a specialized
corporate advisory firm promoted by
young and dynamic professionals having
rich experience in the field of financial,rich experience in the field of financial,
Management and corporate consultancy.
Our team consists of professionals who possess the acumen and wide
experience in the areas of Assurance, Tax advisory, Corporate Laws and
financial services etc.
OTHER SERVICES
Beside “XBRL Conversion”, we at
Pratham Experts Services (OPC) Private
Limited offer following services:
• Company Incorporation
• Secretarial Compliances• Secretarial Compliances
• Winding up of Inoperative Companies
• Tax Advisory Services (http://www.taxexperts.in)
• FEMA Compliances for Inbound / Outbound Investments
• Labour Law Consulting Services
• Placement Services across all sectors and levels (http://www.talentstore.in and http://www.jobcareer.co.in).
CONTACT US
Pratham Expert Services (OPC) Private Limited
Address:
B-29, Ghanshyam Avenue,
Opp. C.U. Shah College,
Ashram Road,
Contact Persons:
Narendra Shah
E: [email protected] Road,
Ahmedabad – 380014.
Tel: +91-79-30001847;
+91 88 66 177 144;
+91 88 66 277 244.
Web: www.xbrlexperts.in
Email: [email protected]
Lalit Sahu
Pooja Gajjar
